Visa Launches Pilot for USDC Stablecoin Payments via Visa Direct
Visa is piloting a stablecoin payout service to enable creators and gig workers to receive USD-pegged assets like USDC within minutes for faster cross-border transactions.
USDC
Fact Check
The evidence strongly and consistently supports the truthfulness of the statement. Multiple high-authority sources, including direct partners in the program, confirm the existence of a Visa pilot involving the USDC stablecoin and its payment networks. One cross-border payments company explicitly announced it is joining Visa's stablecoin settlement pilot and will use USDC as a settlement rail. Another partner, a crypto wallet company, confirms that its payments are "settled with Visa onchain in USDC." This provides direct, corroborating evidence from two separate entities participating in the program.Furthermore, a legal analysis article cites a primary source from Visa Inc. itself with a title indicating that Visa Direct is utilizing stablecoins. This is reinforced by a report from an advisory firm stating that Visa Direct has piloted stablecoin prefunding for cross-border payments. While two sources were found to be irrelevant as they did not mention Visa, no source provided any contradictory information. The combined weight of announcements from multiple program partners and secondary reporting citing a direct Visa announcement makes it highly probable that the statement is true.
Summary
Visa announced a pilot program for its stablecoin payment service, Visa Direct, targeting creators and gig workers. Through this official press release, Visa revealed that businesses can fund transactions in fiat currency, while recipients receive payouts in USD-backed stablecoins such as USDC. Transfers are completed within minutes, offering a faster alternative for cross-border payments. This pilot builds upon earlier tests and is aimed at reducing delays and improving accessibility to global funds.
Terms & Concepts
- USDC: A stablecoin pegged to the U.S. dollar, issued by Circle, used for crypto transactions and cross-border payments.
- Stablecoin: A cryptocurrency designed to maintain a stable value by being backed by reserves such as fiat currency.
- Visa Direct: A Visa payment network enabling fast push payments directly to eligible cards or accounts.